Oversupply, Limited Cargoes Contribute To Weakening Panamax Rates

Monday, August 06, 2001
Panamax rates continued to weaken due to oversupply and limited cargoes on Monday, but owners were hopeful that the market was finding a floor, brokers said.

The physical market remained in decline, but the forward freight agreement market was holding steady.

Buying interest on the Biffex futures market on Friday had suggested a potential bounce this week, brokers said.

Panamaxes struggled to find employment and charterers were still using their advantage to push rates lower.

However, in some cases owners were having to think hard about whether it was worth taking up the returns being offered, or stay unemployed. Clarkson Research Studies reported average panamax earnings down 14 percent to $5,630 daily last week, compared with an average to date for 2001 of $9,560 daily.

Of the latest fixtures, brokers reported that the 1994 built 69,274 dwt panamax Joyous Society had been chartered by Cargill for a Mississippi River to El Dekheila voyage.

The ship is to carry 60,000 tons of heavy grain at a rate of $11 per ton. Loading is scheduled between August 21 and 27.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Bulk Carrier Detained; Two Crew Convicted

A Hong Kong flagged vessel was detained in Queensland following a Port State Control (PSC) inspection conducted by the Australian Maritime Safety Authority (AMSA)

Redwood City Sees Cargo Movement Boost

Port of Redwood City reports 19% increase in cargo movement; highest since 2006 and third highest in modern history Reflecting a significant increase in construction

Nordic American Offshore Declares 2Q Dividend

Nordic American Offshore Ltd. announced that its Board of Directors has declared a dividend of $0.45 per common share for the second quarter 2014. This is the same as for the first quarter 2014.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0912 sec (11 req/sec)